Caring Role, Finances

I need help overseeing my loved one’s finances

I need help overseeing my loved one’s finances

Why don’t you try? : Find help with managing your loved one’s finances

Depending on the kinds of difficulties someone’s having with their finances, the help you could provide might involve anything from helping them with bills and paperwork and assisting with their day-to-day money, through to taking on a lasting power of attorney.

  • Providing informal support
  • What if someone needs more support?
  • Getting informal help to manage your money
  • If the person you want to help has lost mental capacity
  • Preparing for the future

Providing informal support

When you’re helping support someone with long-term-care needs, you should try to ensure that they’re making the best use of their money to meet those needs.
If you find yourself managing a personal care budget that has been awarded by a local authority or the NHS, then it comes with certain responsibilities and obligations that you must fulfil.

Preparing for the future

Don’t put off setting up a permanent power of attorney & it can take weeks to do. These are given slightly different names in each country within the UK.

In England and Wales, they are referred to as a lasting power of attorney, in Scotland as a continuing power of attorney, and in Northern Island, as an enduring power of attorney.
Before setting up a permanent power of attorney you need to know what’s involved & the different types, how much it costs and how long it will take.
It maybe that the person you care for has already set up a permanent power of attorney, or maybe that they set up an enduring power of attorney that was available in England and Wales pre October pre 2007, and that this could still be used but would need to be registered with the Court of Protection beforehand.

Source: Money Advice Service
Source: Pexels

Here’s a tip for you to try this week :

Create a list of all the outgoings and incomings, banks used and gather relevant paperwork., You may need to apply to have power of attorney if your loved one agrees, arrange to speak to a solicitor about this if so.,

You can visit the Bridgit Shop at anytime to find our what products and services can support you.

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